Angled view of the front of the Kish Innovation Center building with Kish sign
BELLEVILLE, PA – William P. Hayes of State College, William S. Lake of Lewistown, Frances V. Vaughn of Huntingdon, and Dr. James A. Troha of Huntingdon were elected Directors of Kish Bancorp, Inc. at the company’s 121st consecutive annual shareholders’ meeting, held earlier this month. All will serve three-year terms ending in 2024. Also recognized were the Corporation’s and Kish Bank’s other Directors serving existing terms: Dr. Eric J. Barron, William L. Dancy, Spyros A. Degleris, Gregory T. Hayes, Paul G. Howes, James J. Lakso, Kathleen L. Rhine, Paul H. Silvis, and George V. Woskob.
“Kish and its shareholders are very fortunate to have attracted a strong Board with a diversity of experience and perspectives first and foremost, but who also represent the geographic areas we serve,” said William P. Hayes, Chairman and CEO of Kish Bancorp, Inc. “Kish is focused on being here for the long haul, delivering performance for our customers, our team members, our communities, and our shareholders. Long term sustainability is only possible with a strong board of directors who align with Kish’s core values.”
The meeting was held both virtually and in person at the newly constructed Kish Innovation Center in Reedsville. Hayes expressed that Kish looks forward to sharing the Innovation Center with the community at large once it is safe to do so, and that the organization is extremely proud of the new facility. He stated, “I can only imagine if Kish’s founders were with us today, how impressed they would be to see how far Kish has come, and how proud they would be to see how impactful their investment has proven to be for this valley and the region, as we all should be.”
In his address to the shareholders attending, Hayes reviewed the Company’s 2020 performance, noting major achievements such as: exceptional growth; expansion into neighboring markets and northeastern Ohio; the acquisition of Sausman Insurance Agency; the successful conversion of Kish Bank’s core operating system; the migration of multiple systems to cloud-based solutions; and the construction of the Kish Innovation Center as the first part of a total revamping of Kish’s Reedsville campus. Hayes also reflected on the unexpected impact of COVID-19 and the incredible feats achieved by the Kish team in the face of the pandemic, including providing support for stressed homeowners through mortgage deferments and modifications, a record number of new mortgage originations; support for small business borrowers through an array of flexible solutions; and the origination of more than 800 loans ($76 million) through the SBA’s Paycheck Protection Program.
“With the onslaught of COVID-19, and without the elimination of a single strategic priority, the Kish team performed one of the most amazing pivots in the company’s history,” said Hayes. He continued, “Despite the unprecedented conditions, never once did I hear, ‘no we can’t,’ only, ‘we will find a way.’ Whether it was our ability to adapt rapidly to the pandemic, deliver responsive solutions swiftly and creatively, or sustain our focus on customers as we kept the number of plates spinning that we did, 2020 was a year where Kish truly differentiated itself in every respect.” 2020 financial highlights included: total assets at the end of the year at an all-time high $1.107 billion and up 20.5% over the prior year; sustained growth in loans (up 11.46% over the prior year); deposits (up 23.59%); expansion in net income (up 14.72%) and net interest income (up 12.52%); and an increase in earnings per share of 15.60%. Noninterest income was also a powerful contributor to the expansion of earnings in 2020, with an increase of 19.07% over the prior year.
Following the review of Kish Bancorp’s performance in 2020, Gregory T. Hayes, President and Chief Operating Officer, discussed Kish’s ongoing and future strategic priorities, including Kish’s continued focus on technological transformation via its Kish Innovation initiative. “Kish has only just begun our transformation,” said G. Hayes, detailing Kish’s long-term mission to serve as a catalyst for the vitality of its communities, a financial knowledge hub for its clients, a preferred place to work in its industry, and a model for technology-enabled financial services delivery.
The meeting concluded with special recognition of James J. Lakso, who retired from the Kish Bank and Bancorp Boards of Directors after having served as a Director since 2003. “We feel incredibly fortunate to have encountered Jim as we entered the Huntingdon market more than 20 years ago and having him agree to serve on Kish’s Bank and Holding Company Boards for 18 years,” said Chairman Hayes. “In addition to his role as board member and regional board representative from the Huntingdon market, we also had the benefit of his leadership as our Lead Outside Director.”
The Directors passed and presented Lakso with a resolution appointing him as Director Emeritus.
About Kish Bancorp, Inc.
Kish Bancorp, Inc. is a diversified financial services corporation headquartered in Belleville, PA with executive offices in State College. Kish Bank, a subsidiary of Kish Bancorp, Inc., operates eighteen offices and financial centers serving Centre, Mifflin, Huntingdon, Blair, and Juniata counties, and northeastern Ohio. In addition to Kish Bank, other business units include: Kish Insurance, an independent property and casualty insurance agency; Kish Financial Solutions, which offers trust, fiduciary, and wealth management advisory services; Kish Benefits Consulting, which provides employee benefits consulting services; and Kish Travel, a full-service travel agency. For additional information, please visit www.kishbank.com. KISB is the OTC stock ticker symbol for Kish Bancorp, Inc.